Alameda Research, Mirana Ventures Led $35M Raise for SEC-Approved Stacked
Stacked is approved by the US SEC to operate as an registered investment advisor, making it one of the few crypto-native businesses to provide investment advice while being registered with a federal regulatory agency.
Blockworks exclusive Art by Axel Rangel
key takeaways
- Over $100 million assets are connected to the startup’s smart portfolio manager and the company said it has a goal of hitting over $1 billion assets under management in 2022
- Stacked launched in April 2020 and has raised a total of $40 million in funding
Crypto investment startup Stacked has raised $35 million in a Series A round led by Alameda Research and Mirana Ventures, the company said Monday.
The oversubscribed round also included investors such as Fidelity International Strategic Ventures (FISV), DRW Venture Capital, Alumni Ventures and Jump Capital. Stacked launched in April 2020 and has raised a total of $40 million in funding.
Other investors in the capital raise are previous seed round lead Motivate Ventures, CoinFund, Starting Line, Avon Ventures, Linkpad Fund, Chicago Trading Capital, Hyde Park Angels, Bitstamp, Cadenza Ventures, Launch Code Capital, the CEO and Founder of M1 Finance Brian Barnes and several other individual investors.
Stacked is a retail-facing crypto investment and asset management platform that “regular people,” or non-accredited investors, can use to put their portfolio on autopilot, the company said. It connects crypto exchange accounts to allow users to access pre-vetted trading strategies and investment portfolios.
“The crypto investment landscape has fast evolved from cypherpunks to mainstream retail and as such there’s almost unlimited information out there for investors to consume. Sifting through that information has become almost impossible,” Joel Birch, co-founder and CEO of Stacked, said to Blockworks. “Beyond that, pretty much every tool and exchange is designed for traders, encouraging average investors to day trade and chase short term gains.”
The platform currently provides investors with access to pre-built stacks from hedge funds, indices and asset managers to get investment advice and will release curated risk-adjusted portfolios for users in 2022. While it is currently a web-based application, the company plans to go mobile within the next six months.
“Investors are demanding faster, more accurate data and information, easier to use tools, and a huge opportunity in crypto right now is mobile. Mobile-first experiences for both centralized and decentralized offerings will open the next set of doors to modern investors,” Birch said.
Stacked said it has automated over 1 million trades and traded over $10 billion in assets for tens of thousands of new investors. Over $100 million assets are connected to the startup’s smart portfolio manager and the company said it has a goal of hitting over $1 billion assets under management in 2022.
Separately, Stacked received approval from the US Securities and Exchange Commission to operate as a registered investment advisor, or RIA, making it one of the few crypto-native businesses to provide investment advice while being registered with a federal regulatory agency.
“The future for investors are on platforms like Stacked that don’t just make it easy to buy crypto, but actually answer the question “what crypto should I buy”, and will do so in a regulated way,” Birch said.
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